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Poor ratings for the American version of The X Factor and other rating flops on the Fox network will contribute to lower than expected profits for News Corporation this year.

The company said last night that it was cutting its forecast in response to the disappointing performance of the Fox television network, as well as losses from its Italian satellite station and a weak performance from its Australian newspaper division.

Previous guidance had forecast that last year’s earnings of $5.6 billion would grow by a high single digit or low double-digit rate but this has now been cut to a